The Central Bank of Nigeria (CBN) has reviewed its tactics and has begun soft-pedaling on the issue of the N5000 note.

Speaking to journalists about the brash way the news of  the policy was unfolded to Nigerians, the CBN deputy Governor, Tunde Lemo made an attempt to appease Nigerians.

He said, “We are public officers. We operate for public good. We may not be popular. Central banking anywhere in the world is not a popularity contest. We are interested in doing what is good and to explain what we are doing to the satisfaction of the public that we serve. That is why the dialogue that is going on is very important.”

Also the Deputy Governor disclosed that the N5,000 note would not be mandatory for Nigerians to accept at commercial banks.

“I say this with all sense of responsibility as the deputy governor of the central bank that we shall ensure that no bank imposes N5000 on anybody who does not want it. You can go to your bank and say you don’t need N5000 note.

“Every Nigerian has the prerogative of the currency he or she wants to have. You can go to your bank and say, you don’t need N5000 note. You can say ‘give me  N500, N200 and N100.’  It will be illegal for that bank to say you must have N5000.

“We did not say take or leave it.  If you don’t need it, you don’t need to ask for it.  We are not saying people will be compelled to take the N5000 note.”

Despite the latest moves by the CBN, many civil and professional bodies are still against the policy. The Nigerian Bar Association has promised to drag the apex bank to court over the issue.

Even former President Olusegun Obasanjo has thrown his hat in the ring in support of those against the policy, increasing the ranks of critics of the policy to include senior PDP party members.

It would be recalled that CBN printed the N5,000 note on 2009 and has already finalised arrangement before informing Nigerians about it.

Meanwhile, some members of the Lagos State House of Assembly on Tuesday said  the proposed introduction of N5,000 currency by the Central Bank of  Nigeria would threaten the country’s security.

Mr Mufutau Egberongbe , Action Congress of Nigeria (ACN Apapa I), said in Ikeja that the introduction of the currency would render the cash-less policy useless.

The CBN Governor, Sanusi Lamido Sanusi, said recently that all the necessary logistics had been put in place to ensure the successful release of the currency into circulation in early 2013.

The lawmaker advised Sanusi against foisting such an unpopular policy on Nigerians.

“It is not necessary, with the cash-less policy in place. If you have two packets of 5, 000 notes in your pocket, that is a million naira.

“The introduction of the currency will encourage fraud, corruption and it will pose a security threat to the citizens.  So, it doesn’t make any sense,’’ Egberongbe said.

The lawmaker advised that the N40bn to be used in printing the currency should be diverted to complete some abandoned projects in the education, health and power sectors.

Egberongbe, the Chairman Committee on Physical Planning and Urban Development in the Assembly, described the N5, 000 currency as “draconian and a diversionary” as there were more demanding issues in the economy.

Mr Rotimi Olowo (ACN-Somolu I) said the  new currency would lead to further devaluation of the naira.

Olowo, the Chairman Committee on Works and Infrastructures at the Lagos Assembly, urged the CBN to ensure an improvement in power generation and supply, for the sustenance of local industries.

The lawmaker said efforts should be geared toward improvement and development of local industries to boost export and ensure economic growth, not a currency that would further threaten the economy.

‘’By the time we have N5, 000 note, it will show that Nigeria’s currency will not be worth anything.

”Nigeria’s economy will pay dearly for this– if the currency is introduced eventually,’’ Olowo said.

The apex bank had set up a sensitisation machinery to convince the various interest groups in all the geo-political zones of the country, of the importance of the N5,000 note.”